May canola is down $21.20/mt, May soybean oil is down 3.16 cents/pound, May European rapeseed is down 10.50 euro per mt and April Malaysian palm oil is down 1.06%. May oats are down 18 1/4 cents/bushel. April crude oil is down $3.38 per barrel, April ULSD is down $.0826 per gallon, and the March Canadian dollar is up .00190 at .72825. The June U.S. Dollar Index is down .412 at 99.695 and the April Brazilian real is up .00110 at 0.18900.

Grain and oilseed markets are sharply lower with momentum gaining to the downside as algorithms appeared to be piling on to the sell side as the morning progressed.

There is little news to support the break in the form of an offramp for the war with Iran and even though Trump's threats to delay his visit to China have been given as an excuse, Treasury Secretary Bessent has come out to emphasize the delay, should it occur, is just logistics and not war-related.

The most likely culprit is Friday's Commitments of Traders report that surprised the market by the extent of long positions funds already held as of the March 10 cutoff. Profit-taking for fear of profit-taking appears to have gotten carried away, especially considering the strong export inspections report Monday morning being a reminding of just how strong demand is. Corn exports hit 1.66 mmt (up 39.1% from last year) while soybean exports were nearly 1 mmt (down 28.3% from last year but improving).

Energy markets are lower on likely profit-taking but not as significantly as ag markets. There is no fresh news, publicly anyway.

In what appears to be further risk-on type of trade, stocks and bonds are sharply higher with the U.S. dollar extending overnight declines.

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